The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that Nigeria owns Africa’s largest proven gas reserves of over 208 trillion cubic feet, with most of it untapped or flared.
In a bid to access the gas resources at the country’s disposal, the federal government declared 2021 – 2030 as the DECADE OF GAS, a period for the country to switch from an oil exploration country to a gas-focused industrial development.
The Chief Executive Officer of the NUPRC, Mr. Gbenga Komolafe, said monetizing gas resources is a positive move towards achieving energy security which is in accordance with the ongoing global energy transition.
According to Ed Ubong, the Managing Director of Shell Nigeria Gas Limited and President of the Nigeria Gas Association, Nigeria has more than enough gas and it needs to be brought to the surface, to be monetized and consumed.
Similarly, Mr. Timipre Sylvia, the Minister of State for Petroleum Resources, said that the growth of Nigeria’s gas reserves was important to achieving the “Decade of Gas Development”.
Sylvia stated that the government has its part to play in energizing the gas sector if Nigeria was to compete with the rest of the global economy.
The federal government, in an attempt to monetize Nigeria’s abundant gas reserve, signed a Memorandum of Understanding with Morocco to construct a 5,600KM gas pipeline that would diversify the economy and also generate additional revenue for the country.
The main motivation behind the gas utilization projects embarked on by the federal government is the government’s goal of wealth creation and economic diversification. Gas seems to be the future for Nigeria as natural gas will be the main energy source in the transition from fossil fuels to green energies.
Natural gas has the potential to not only develop Nigeria’s economy but also improve the standard of living of the country’s citizen.
